Flywire Co. (NASDAQ:FLYW) Position Trimmed by Fred Alger Management LLC

Fred Alger Management LLC cut its position in shares of Flywire Co. (NASDAQ:FLYW - Free Report) by 13.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 800,264 shares of the company's stock after selling 125,825 shares during the quarter. Fred Alger Management LLC owned approximately 0.64% of Flywire worth $16,501,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Global Retirement Partners LLC acquired a new stake in shares of Flywire in the fourth quarter worth approximately $30,000. Arcadia Investment Management Corp MI acquired a new stake in shares of Flywire in the fourth quarter worth approximately $48,000. KBC Group NV boosted its position in shares of Flywire by 64.0% in the fourth quarter. KBC Group NV now owns 4,899 shares of the company's stock worth $101,000 after acquiring an additional 1,911 shares during the last quarter. Venturi Wealth Management LLC acquired a new stake in shares of Flywire in the fourth quarter worth approximately $104,000. Finally, Highland Capital Management LLC acquired a new stake in shares of Flywire in the fourth quarter worth approximately $221,000. 95.90% of the stock is owned by institutional investors and hedge funds.

Flywire Stock Down 2.1%

Shares of NASDAQ FLYW traded down $0.23 during trading on Friday, reaching $10.89. 2,043,831 shares of the stock were exchanged, compared to its average volume of 1,725,655. The business's 50-day moving average price is $9.57 and its 200 day moving average price is $16.11. Flywire Co. has a twelve month low of $8.20 and a twelve month high of $23.40. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of 72.60, a price-to-earnings-growth ratio of 1.41 and a beta of 1.22.

Flywire (NASDAQ:FLYW - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.03 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.02. Flywire had a net margin of 4.23% and a return on equity of 2.49%. The business had revenue of $128.70 million for the quarter, compared to analysts' expectations of $124.18 million. During the same period in the previous year, the company posted ($0.05) earnings per share. The business's revenue for the quarter was up 17.0% compared to the same quarter last year. As a group, sell-side analysts expect that Flywire Co. will post 0.14 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. reissued an "underweight" rating and issued a $9.00 target price (down from $16.00) on shares of Flywire in a research report on Monday, April 14th. The Goldman Sachs Group raised their target price on shares of Flywire from $10.00 to $12.00 and gave the stock a "neutral" rating in a research report on Thursday. B. Riley reaffirmed a "buy" rating and set a $17.00 price target (down from $29.00) on shares of Flywire in a research report on Friday, May 2nd. Stephens cut shares of Flywire from an "overweight" rating to an "equal weight" rating and reduced their price target for the company from $26.00 to $15.00 in a research report on Wednesday, February 26th. Finally, UBS Group cut shares of Flywire from a "buy" rating to a "neutral" rating and reduced their price target for the company from $25.00 to $15.00 in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $15.62.

Insider Transactions at Flywire

In related news, Director Gretchen Howard purchased 8,889 shares of the company's stock in a transaction that occurred on Thursday, February 27th. The stock was acquired at an average price of $10.94 per share, for a total transaction of $97,245.66. Following the completion of the purchase, the director now owns 30,770 shares in the company, valued at approximately $336,623.80. This represents a 40.62% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Peter Butterfield sold 5,523 shares of Flywire stock in a transaction on Monday, March 10th. The stock was sold at an average price of $10.08, for a total transaction of $55,671.84. Following the completion of the sale, the general counsel now owns 247,561 shares of the company's stock, valued at approximately $2,495,414.88. This trade represents a 2.18% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.90% of the company's stock.

About Flywire

Flywire Corporation, together with its subsidiaries, operates as a payments enablement and software company in the United States and internationally. Its payment platform and network, and vertical-specific software help clients to get paid and help their customers to pay. The company's platform facilitates payment flows across multiple currencies, payment types, and payment options, as well as provides direct connections to alternative payment methods, such as Alipay, Boleto, PayPal/Venmo, and Trustly.